Deceased's banking matters – how to manage the bank affairs of an estate?

After the death of a loved one, banking matters are among the first practical tasks that must be handled by the estate.

What happens to the deceased's bank account? Is it allowed to pay bills? Who is permitted to see account information? And is it allowed to use the deceased's online banking credentials?

In this second part of Verstas’ Estate Guide, we go through the most important basics of handling banking matters.

Practices vary between banks, so it is always a good idea to check specific instructions with the deceased's own bank.

1. The bank usually receives notification of the death automatically

Banks receive notification of a customer's death via the Population Information System.

Receipt of this information may not be immediate, so you can also contact the bank yourself if necessary.

When the bank receives notice of the death, the deceased's personal online banking credentials are closed.

However, the deceased's bank accounts are not automatically closed.

They become accounts of the estate.

Read official instructions

Suomi.fi – Practical matters in the event of death

2. The deceased’s online banking credentials must not be used

The deceased’s personal online banking credentials must not be used after their death.

This also applies to situations where a close relative might know the credentials or had previously helped the deceased with banking.

The estate's banking matters are handled according to the procedures defined by the bank for estates.

The bank will advise on what documents are needed and how to submit them.

3. What happens to the deceased’s bank account?

A bank account does not disappear when a person dies.

The deceased's account becomes an estate account.

Money in the account is part of the estate’s assets and will be accounted for later during the estate inventory.

The bank requires information on the deceased’s assets and liabilities on the date of death for the estate inventory.

Therefore, there is no need to rush to close the accounts.

It is also worth noting payments coming to the estate later on. For instance, the deceased may receive tax refunds in the year following their death.

Read official instructions

Suomi.fi – Practical matters in the event of death

4. The deceased’s bills can be paid before the estate inventory

You do not have to wait until the estate inventory to handle all banking matters.

Before the estate inventory, certain bills related to the deceased and the estate can be paid from the deceased’s bank account.

These include, for example, bills related to the funeral and the estate inventory.

The deceased’s hospital bills and bills related to their lifetime can also be paid.

These might include, for instance, rent, housing company charges, electricity, and telephone bills.

It is advisable to ask the deceased’s bank for exact instructions on paying these bills.

Read official instructions

Suomi.fi – Practical matters in the event of death

5. Save all bills and receipts

Bills related to the estate should not be thrown away after payment.

Keep the original bills or copies of them.

They are needed for the estate inventory when the deceased’s assets, debts, and costs are being determined.

In particular, costs related to the funeral and the estate inventory should be documented carefully.

6. Also identify electronic bills

Not all of the deceased’s bills may come by post.

Bills may have been received via online banking, email, or other electronic services.

You can inquire at the deceased’s bank about any bills sent to their online bank.

The bank can also help identify recurring payments from the deceased’s account.

Credit card bills, for their part, may reveal charges for streaming services and other ongoing subscriptions.

If you cannot access an electronic service, you can contact the biller directly.

7. Who is allowed to handle banking matters before the estate inventory?

Not all banking matters for the estate can be handled freely by a single person.

Before the estate inventory, the options for handling the deceased’s banking matters are more limited.

Suomi.fi states that any heir to the estate can submit bills related to the funeral, estate inventory, and the deceased’s lifetime to the bank for payment.

Some banks, however, may require the deceased’s genealogy report (sukuselvitys) for this.

Practices vary between banks, so it is worth checking the instructions with the specific bank.

8. What documents does the bank need?

The required documents depend on the banking matter being handled and the stage of the estate settlement.

One of the first documents needed is usually the deceased’s genealogy report or official certificate (virkatodistus).

After the estate inventory, the bank usually requires the estate inventory deed and related documents in order to determine the heirs.

If the deceased left a will, the will and related documents may also be needed.

Based on these documents, the bank verifies who is authorized to handle the estate’s banking matters.

It is always worth checking the exact list of documents with the deceased’s bank.

9. What changes after the estate inventory?

After the estate inventory, the bank has access to the estate inventory deed and other necessary documents to verify the estate's heirs.

Following this, the deceased’s bank account can be used by the heirs collectively.

The heirs can also authorize one person to handle banking matters on their behalf.

The bank provides a power of attorney form or instructions for creating the authorization for this purpose.

In principle, the consent of all heirs is required to close the estate’s bank accounts and transfer funds.

10. Do not close all accounts too early

The estate may still have a need for a bank account long after the estate inventory.

For example, payments due to the estate may still arrive.

Suomi.fi highlights tax refunds in particular. The deceased may receive tax refunds in the year following their death.

Therefore, it may be sensible to keep at least one estate account active until all of the estate’s financial matters have been settled.

11. What about a joint bank account held with the deceased?

If the deceased held a joint bank account with another person, the situation depends on the terms of use for the account.

The estate replaces the deceased as the other owner of the account.

If the account was one that both account holders were permitted to use independently, the surviving account holder's right of use usually remains in effect.

However, both the surviving account holder and the estate may have the right to request that the funds in the account be frozen until the estate inventory is completed.

If the account could only be used with the consent of both account holders, neither party can use the account alone after the death.

In such a situation, it is advisable to contact the bank as early as possible.

12. What if the estate's funds are insufficient to cover the bills?

If it appears that the deceased’s assets will not be enough to pay all the bills, it is not advisable to start paying them in a random order.

There is a legally defined order for paying the debts of an estate.

Suomi.fi states that reasonable estate settlement debts, such as costs related to the funeral and the estate inventory, are paid first.

These are followed by debts incurred during the deceased’s lifetime, and after that, certain debts incurred by the estate after the death.

If the estate appears to be over-indebted or insolvent, it is recommended to seek advice before paying any bills.

Read official instructions

Suomi.fi – Managing the estate’s assets

Remember these points regarding banking matters

Do not use the deceased's online banking credentials.

Do not close bank accounts in a hurry.

Monitor the bills arriving for the deceased.

Also check for bills arriving via online banking and other electronic services.

Keep bills and receipts for the estate inventory.

Order a genealogy report as early as possible.

Ask the bank what documents that particular bank requires.

Do not distribute or transfer the estate’s money on your own.

If the estate’s assets are not sufficient for the bills, clarify the correct payment order before making any payments.

There are differences in bank practices

Suomi.fi provides general instructions for handling an estate's banking matters, but practical dealings take place at the deceased’s own bank.

There are differences between banks, for example, in how bills and documents are submitted and what documents are required at each stage.

For example, OP offers an online service for submitting estate bills and documents.

Nordea, in turn, provides instructions on what documents are needed to identify the heirs and how they can be submitted to the bank.

Therefore, always check the up-to-date estate instructions provided by the deceased's own bank as well.

Official sources and further information

The information in this article regarding banking and official matters is based on the Suomi.fi service and the banks' own estate instructions.

Bank practices may change and differ from each other. Always check for the most up-to-date instructions from the deceased's own bank.

Suomi.fi – Practical matters in the event of a death

Instructions regarding the deceased’s bank accounts, paying bills, bank account access rights, and joint bank accounts.

Suomi.fi – Managing the estate’s assets

Information about the deceased’s and the estate’s debts, as well as the order of payment for debts.

Suomi.fi – Checklist for next of kin

Verstas’s Estate Guide is intended as a general and practical information package. It does not replace personal advice from a bank, authority, lawyer, tax expert, or other professional.